E$8-20($Algo$)$ Computing and Reporting the Acqulsitlon and Amortization of Three Different Intanglble Assets LO$8-6$

Trotman Company had three intangible assets at the end of the current year:

a$.$ Computer software and website development technology purchased on January $1$ of the prlor year for $$86,000.$ The technology is expected to have a four$-$year useful life to the company with no residual value.

b$.$ A patent purchased from lan Zimmer on January $1$ of the current year for a cash cost of $$33,000.$ Zimmer had registered the patent with the U$.$S$.$ Patent and Trademark Office five years ago. Trotman Intends to use the patent for its remalning life.

c$.$ A trademark purchased for $$32,000$ on November $1$ of the current year. Management decided the trademark has an Indefinite life.

Required:

Compute the amortization of each intanglble at December $31$ of the current year. The company does not use contra$-$accounts.

$2$a$.$ Show how the expenses related to the three intanglble assets should be reported on the income statement for the current year:

$2$b$.$ Show how the three Intanglble assets should be reported on the balance sheet for the current year.

Complete this question by entering your answers in the tabs below:

Req $1$ Req $2A$ Req $2B$

Show how the three intangible assets should be reported on the balance sheet for the current year.

$\backslash$table$[[$TROTMAN COMPANY$],[$Balance Sheet,$],[$December $31$ of the current year $($Partial$),,],[$Intangibles:$,,],[,,],[,,],[,,],[,,],[,,]]$